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Archive for the tag “Bankcruptcy”

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” – Franklin D. Roosevelt

Well, this time in history will be remembered, in the times that the multi-national corporations have most of them fled their regional scenes and put their headquarters and main operations into tax havens. Therefore, with this in mind, the states and republics that actually is where they make the profits get less tax and get fewer monies to spend on public services. That does not make them poor, but smart someone might say. This is legal and the openness of the economies let them do it, but to be frank, we should question this big giant corporations for their fleeing fortunes abroad.

The corporations are not alone in all of this, the rich people themselves cannot sustained this, they cannot afford to pay reasonable taxes, and they need tax-relief so they can salvage their Monte Carlo and their Lamborghini’s. They have their massive mansions and stalls of cars, but cannot pay the percentages on the tax as ordinary working-class do. In addition, the working-class use decades on end to pay down the mortgage on the house and loan on their Ford Fiesta. If they can even afford a house and a car at his point.

The American enterprise and experience is really seeing it, as they plan to repeal and replace Obamacare, because the wealthy are too broke or to selfish to help the working-class who made them rich. That the working-class and industrial worker are falling behind as new schemes to outrun their possibilities. The corporations and the believers of free economies want more flexibility, but do not give equal wages or compensations. Therefore, the loser in the transactions are the workers and not the companies. Secondly, the states earn less without added productivity.

It is naive that the businesses care about other things than the bottom-line is vicious, like the wealthy have the capacity to share the spoils, which they have earned on the commoners and the citizens. Therefore, the spoils, which in some industries entails sweatshop workers and exports to the Western hemisphere with grand profits for the clothing and appeal giants. Something that the workers in Bangladesh or Pakistan doesn’t see anything delivered back, than a filthy industrial complex and possible health hazards for their hours work on end for a lousy T-shirts.

The others are the ones who are doing mining and extraction for the technology and IT businesses that has no issues with the illegal and militias taking controls over mining fields and black-market trading of rare earth minerals or cobalt for that matter. As long as the giant companies trading computers, smart-phones and whatnot get their profits. Certainly, the CEO and other leaders in the corporations should worry of the implications and the lives destroyed while their businesses are earning loads of monies. There should be some sort of certification of the weak trading points; if they knowingly paid, some of the monies on technology could fund militias and illegal armed conflicts.

This is real poverty, that we have systems, salary structures and imports that hurt local areas, while the businesses earn fortunes, that again is flying on the merry to a tax haven in the pacific through a shell-company set-up by lawyers in Panama. In addition, this is legal and just, by law and in society. That the same companies telling their workers that they cannot afford more wages, since they have to stack millions upon millions in the British Virgin Island. So that the shareholders and stakeholders can earn profits for the toils and sweat of fellow workers.

So when I hear that the workers cannot ask for bigger salaries, while the states and republics create tax-holidays and tax-breaks, incentives for “investments” while the big-men are doling away vast fortunes in the middle of the day. Like a legal heist, a theft of both tax and salary, the salaries that could be used more in the system to gain growth, and secondly the added tax that could build roads and infrastructure that the company could need. However, hey, we do not need proper roads and wages, as long as the rich can travel to Monaco and St. Tropez whenever they feel like it. We are foolish to think otherwise!

When you hear that the rich has to get tax-breaks and their taxes cut, know that they are poor in spirit and heart. They may have vast fortunes and riches, but their hearts are empty. They do not see the problems of the day-to-day basis of the ones creating their empires. They do not see the people who buys their labeled products and services. They only see the bottom-line, the empty shells companies’ accounts and the schemes to hide the monies. That is because these wealthy people are so poor; they cannot afford to be like the rest of us.

The wealthy are so poor, they are so poor that they have to avoid taxes or pay taxes, because if they were paying taxes they would be like us. They would have the same responsibilities and have the same understanding of welfare and public services. Therefore, since they do not need the public service, they can afford to travel abroad for health-care; they can afford to send their kids to private schools and can afford to import goods. Then they do not need the support and the base line of the republic or the state. Like you and I do. Therefore, with that in mind, which is why they are so poor. Their poverty is in the mind and in their spirit; they cannot be a part of us, because they want to shield themselves from us. Still, earning our monies and taking our cheap labor, no problem!

This poor people need help, they need guidance, their riches might fall out of their hands, might be lost in coup d’état or worse than they get bankrupt. Than they need the states to salvage their business or their bank, with our tax-monies, without any hesitation, but when it was booming. That was the time they had no need of paying taxes or paying amends to the state through the regulations. Like we do and pay for our right to live and use the needed services of the states.

In these interesting times of ours, we have the riches seeking to pay-less, while the working-class is footing the bills or trying too. While the republics and states make it harder for public service and make it more expensive to pay for the needed services. This are all made in the hands of the wealthy and the multi-national corporations, without considering the implications of the commoner, the working-class nor the middle-class that are all sinking on the behalf of the rich. Certainly, the belief that the trickle-down economy should be a project avoided, but to many still have faith in the paradigm. While very, few have any social mobility or have the capacity to go from one class to the next. Peace.

The nominee for becoming Secretary of Treasury, the man who follows legislation and other close connected to business in the United States. Should be worrying how he has done his businesses in the past. The California courts and Attorney General tried in 2013 to create a case on the public filings of the OneWest bank and their Foreclosure practices, which got stifled by the possibility to hide liabilities through certain fixed laws that OneWest used.

OneWest did it to not get scrutiny and the Attorney General tried get them on the docket, but the working paper was the only one showing, together with what was collected from one County in the State of California. Steve Mnuchin knew about this very well, as he got the profits from the acts of malicious and defrauding citizens, using false pretence to buy properties and selling for subsidiaries.

“This $2.4 billion figure should not be confused with the $2.3 billion that CIT Group received from the US Government under TARP in 2008. When CIT filed bankruptcy in 2009, the $2.3 billion became a free gift from taxpayers, never to be repaid. Total government subsidy between the two banks is almost $5 billion, yet both banks claim they are prepared to merge and become a Systemically Important Financial Institution if the proposed merger is approved by the Federal Reserve and the Office of the Comptroller of the Currency”(CRC, 2015).

“Since March 2009, OneWest has foreclosed on approximately 35,000 California homes and initiated foreclosures of approximately 45,000 more. In April 2011, OneWest agreed to the Office of Thrift Supervision’s (OTS) entry of a Consent Order. The Order included findings that OneWest recorded documents that were not properly notarized, initiated non-judicial foreclosures without proper authority, failed to devote sufficient resources to ensure proper administration and oversight of its foreclosures process, and failed to sufficiently oversee vendors” (DOJ, P: 4, 2013).

“Finally, in the review of the 300 OneWest loan files obtained from LPS, we found that 21 files evidenced unlawful conduct by OneWest. Those 21 files (7 percent of those reviewed) contained falsely dated instruments executed by OneWest, substitutions of trustee in which OneWest falsely stated that it was beneficiary under an applicable deed of trust when it was not, or both. This unlawful conduct occurred throughout the state, concentrated primarily in Southern California. The 21 files related to homes in the nine following counties: Los Angeles, Orange, Placer, Riverside, San Bernardino, San Diego, San Mateo, Santa Barbara and Ventura” (DOJ, P: 9, 2013).

“The Investigation has uncovered evidence of unlawful credit bidding, a type of misconduct that is not squarely addressed by either the National Mortgage Settlement or the Homeowner’s Bill of Rights. As detailed below, unlawful credit bidding occurs when a party other than the foreclosing beneficiary uses of the credit reflected by the deed of trust to take title to the home, when it is not legally entitled to do so. This means than other bidders at the auction (perhaps in some cases the borrowers and/or their families) are unfairly disadvantaged in the bidding process and that cities and counties throughout the state lost documentary transfer tax revenue” (DOJ, P: 11, 2013).

“OneWest undertook critical steps in the foreclosure process when it lacked the authority to do so. OneWest falsely asserted that its subsidiaries and the trustees for the mortgage-backed securities trusts had authority to conduct critical steps in the foreclosures process when they did not. This misconduct related to three common steps in the foreclosure process, each governed by statute: (1) credit bidding; (2) payment of or claim of exemption from documentary transfer tax; and (3) execution of SOTs” (DOJ, P: 18, 2013).

“To date, we have located five examples of such examples of such misconduct from public records, and we believe that many of the 86 examples of recorded substitutions of trustee (SOTs) executed in OneWest’s name bearing dates prior to date that OneWest began operations are likely to have been executed without authority (the entity purporting to sign them did not exist on the date the assignment purportedly took place). Similarly, in the review of 175 completed OneWest foreclosures in Alameda County, we found 10 unlawful substitutions of trustee” (DOJ, P: 20, 2013).

“In response, we will argue that: (1) it is undisputed that conflict preemption applies after July 2011; and (2) that complaint seeks to hold OneWest accountable for types of misconduct that were outside the scope of OTS’s claimed field preemtion because they involve criminal and civil code statutes which only incidentally affect the lending operations of federal savings associations” (DOJ, P: 23, 2013).

“We recommend that the Attorney General authorize use to file a civil enforcement against OneWest” (DOJ, P:26, 2013).

Complain files:

“OneWest also made false statements concerning its own status as beneficiary, as well as the beneficial status of others. These statements were made in a variety of contexts, including the context of the trustee’s sale bidding process and in the avoidance of transfer taxes” (County of Alameda, P: 4).

This was only what we’re reported by two single reports earlier in the recent years, but there been questioning about the merger for OneWest with another Bank. Therefore the reality of their ways of foreclosure should have stopped and should have been looked into, as the malpractice for a quick profit. The profits of the OneWest bank we’re earned in a very disgraceful way:

“After foreclosing on almost 8,000 homes here in LA County, how can OneWest Bank say with a straight face that they’ve been a good community partner or that this merger is going to somehow help our communities?” Kinlaw said in a statement. “Foreclosing on families meant billions in profits for the billionaire owners of OneWest, but it came at the expense of families who were thrown out of their homes.” (…) “Stein said the coalition is composing a letter that will ask the Consumer Financial Protection Bureau , U.S. Department of Housing and Urban Development and the Department of Justice to conduct a fair housing and fair lending investigation into OneWest’s lending practices” (Smith, 2015).

So there wasn’t only the Attorney General of California who knew there was malpractice and unlawful activity from the OneWest on their practices on the foreclosing of their properties to secure more funds. As they bought into funds with loans and defunct debt that could give the bank property as collateral and resell the properties for more profits, especially if they fixed the contracts and back-dates so the home-owners could be sealed off or resold in subsidiary of the OneWest.

So with the knowledge of these actions, these vulture capitalists shouldn’t be running the Administration. The Administration should make sure these men and woman doesn’t get power. Because their loose, laisses-faire economic regime might loosen the regulations and will lead to more quick profits, but hurt the bottom-line, the public! Trump Administration will favour possible vultures and people who do anything to earn bucks, with no concern of the outcome for the average families and the working-class, the ones that initially got them in power. That the ironic part is the ones that exhausted and gave way for the Administration is the ones that will suffer for the economic programmes from the coming term of presidency.

Steve Mnuchin has only been in business to get wealth, by any means; his business savvy way of OneWest proves the way of use all ways to gain profits. OneWest proves that they didn’t care about how they earned their profits on foreclosures, even if they twisted documents and their ways of buying titles. As long as this is known the vulture of Mnuschin should be known and not be put away in some chamber. Instead it should be questioned if he is fit to be Secretary of Treasury and be a part of the Administration at all! Peace.